There are many products available today. Most are simply a reusable bandage or neoprene sleeve with a pocket for ice or an ice pack. Most do not provide consistent cold over the whole area of the bandage for any length of time.
There are other, more sophisticated cooling systems that are far more expensive. These may not cool the hoof to the temperatures needed to prevent laminitis. Ultimately, the best way to cool a hoof is to stand a horse in ice water, but this is not easy and not practical to do in a typical practice situation.